ORS tit. 29, ch. 315, GENERAL PROVISIONS, TEMPORARY PROVISIONS RELATING to PERSONAL INCOME TAX CREDIT ALLOWED BASED ON PAYMENT OF PASS-THROUGH BUSINESS ALTERNATIVE INCOME TAX ARE COMPILED AS NOTES FOLLOWING 315.068
ORS tit. 29, ch. 315, GENERAL PROVISIONS, TEMPORARY PROVISIONS RELATING to PERSONAL INCOME TAX CREDIT ALLOWED BASED ON PAYMENT OF PASS-THROUGH BUSINESS ALTERNATIVE INCOME TAX ARE COMPILED AS NOTES FOLLOWING 315.068
Sections 7, 8 and 10 to 13, chapter 589, Oregon Laws 2021, provide:
Sec. 7. Section 8 of this 2021 Act is added to and made a part of ORS chapter 315. [2021 c. 589, § 7]
Sec. 8. (1) If a pass-through entity, as defined in section 2 of this 2021 Act, elects to owe and pay the pass-through business alternative income tax determined under section 3 of this 2021 Act, a taxpayer that is a member of the pass-through entity shall be allowed a credit against the taxes that are otherwise due under ORS chapter 316. For each pass-through entity of which the taxpayer is a member, the credit allowed under this section shall equal the member's pro rata share of the tax paid for the tax year under section 3 of this 2021 Act.
(2) If the amount allowable as a credit under this section, when added to the sum of the amounts allowable as payment of tax under ORS 316.187 or 316.583, other tax prepayment amounts and other refundable credit amounts, exceeds the taxes imposed by ORS chapters 314 and 316 for the tax year after application of any nonrefundable credits allowable for purposes of ORS chapter 316 for the tax year, the amount of the excess shall be refunded to the taxpayer as provided in ORS 316.502. [2021 c. 589, § 8]
Sec. 10. Sections 3 and 8, chapter 589, Oregon Laws 2021, apply to tax years beginning on or after January 1, 2022, and before January 1, 2026. [2021 c. 589, § 10; 2023 c. 399, § 1]
Sec. 11. Sections 3 and 8 of this 2021 Act are repealed. [2021 c. 589, § 11]
Sec. 12. The repeal of sections 3 and 8, chapter 589, Oregon Laws 2021, by section 11, chapter 589, Oregon Laws 2021, applies to any tax year that begins on or after January 1, 2022, and before January 1, 2026, and to which section 164(b)(6) of the Internal Revenue Code is not applicable. [2021 c. 589, § 12; 2023 c. 399, § 2]
Sec. 13. The repeal of sections 3 and 8 of this 2021 Act by section 11 of this 2021 Act becomes operative on the date on which section 164(b)(6) of the Internal Revenue Code is repealed. [2021 c. 589, § 13]